goals
What is excise tax
Tax on speciality things like alcohol, tobacco (eww) etc.
What is gross pay
It is your paycheck in full before deductions :)
What is a 401(K)
Putting money into a fund to be invested in the stock market where you can claim later
What does FICA stand for
Federal insurance contribution act
W4
Determine the percentage of gross pay which will be withheld for taxes, claim dependents with this form! 🤠🤠ðŸ¤
What is net pay?
Its very sad because you gotta pay those aggressively large deductions
What is a pension?
employer-funded plan where you get paid after retirement
6.2%
Proves you are eligible to work in the mighty red white and blue
Specific, measurable, realistic, time bound
What is direct deposit?
depositing your paycheck directly into your bank account
What is a Roth IRA
An individual retirement plan where you set aside money to then receive after you retire
What is the medicare rate
1.45%
W2
Filled out by your employer, shows your taxable income :)
What is a paycheck stub
A document included in a paycheck that shows paycheck deductions
federal minimum wage
1040
Forms that individual taxpayers use to file their annual income tax returns
Write a spicy SMRT goal.
Verbally answer >:) yes i am judging u
Federal overtime pay rate
1.5x
Tax avoidance
Reducing your taxes by claiming legitimate adjustment, tax deductions, and credits